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FxWirePro: EUR/AUD attracts selling interest, vulnerable to more downside

• EUR/AUD declined on Thursday as drops   was-assisted by Australian dollar strength.

• Australian dollar  attained a bid tone as investors made   position adjustments ahead release  of the U.S. Labor Department's jobs report for September..

• EUR/AUD remains below 1.6633( 30 DMA),daily  close below 50%fib will increase the scope for much bigger drop.

• Technical signals are bearish as RSI is at 48, momentum studies  11, 21 and 30 DMAs are trending down. 

• Strong  resistance is located at 1.6633( 30 DMA), any close above will push the pair towards 1.6668 (38.2% fib)

• Immediate support is seen at 1.6557 (50% fib) and break below could take the pair towards 1.6463 (Oct 3rd low).

  Recommendation: Good to sell   around 1.6550, with stop loss of 1.6650 and target price of 1.6430
 

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